A top U.S. Senate Republican said that he will push for including aid to Puerto Rico in the $1.1 trillion spending bill that lawmakers are racing to approve this week, which would mark the first step by Congress to help the Caribbean island deal with an escalating debt crisis, Bloomberg News reported yesterday. Sen.
Puerto Rico in Distress
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Less than 10 days before they plan to adjourn for the Christmas holiday, lawmakers in Congress remain divided over how to help Puerto Rico as the island rapidly runs out cash and inches closer toward the first major default on its bonds, Bloomberg News reported yesterday.
Republicans offered legislation to address Puerto Rico’s fiscal crisis yesterday, signaling a growing bipartisan appetite to head off what lawmakers said could soon become a humanitarian crisis, the Wall Street Journal reported today. In the House, Rep.
Puerto Rico’s main electric utility won another week from bondholders to get insurance companies to sign onto an agreement to restructure the agency’s $8.2 billion of debt and for commonwealth lawmakers to approve the proposal, Bloomberg News reported yesterday.
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The Financial Oversight and Management Board for Puerto Rico was created under the Puerto Rico Oversight, Management and Economic Stability Act of 2016. The Board consists of seven members appointed by the President of the United States and one ex officio member designated by the Governor of Puerto Rico. Access information on the Board, documents, videos of meetings, calendar of events and live webcasts by clicking here.